Want to learn about the 3 B’s?
The journey of your business numbers.
Over the next few weeks, I am going to be taking you on a little business journey!
I’m going to walk you through what you need to do to become:
- More confident and
- ultimately fluent with your business finances.
For my first vlog of the series👇👇👇, I want to talk to you about getting organised.
I mean how boring is that! – the problem is – no matter what you do or who you do it for, being organised the backbone of every successful enterprise.
You know that business owner, the one that you are ‘following’ the one that is where you want your business to be – You know the one!
Well, have you ever noticed their attitude to the numbers in their business is.
The entrepreneurs that are making money, all know their numbers They know each margin for every product they sell. They know their margins for every hour they work. They know when they should outsource and when they must put in the time.
They know their business because they know their numbers.
You will never hear a financially successful business owner saying they hate the numbers. They may have said it 3 years ago or 4 years ago, not anymore. Being financially successful means knowing and understanding your business.
So, when it comes to managing your business and the finance side of it, organisation is key. You can do this yourself or hire a bookkeeper to do it for you, whatever suits your business best. The important thing to do is to make sure you do something.
Here are my 3 top tips – my 3 B’s – for taking control of your business numbers:
- Bit by Bit – Spend 30 to 60 minutes a week maximum on organising your expenses and invoicing. Do a little bit at a time. Always start with today – you want to ring fence that backlog – you will deal with it later – it aint going anywhere!
- Beat overwhelm – if you find yourself starting to look at the whole picture and it starts to become overwhelming – stop! Take one job – one invoice – one expense and take an action. Then leave and do something else. When you do come back, the tasks will seem smaller.
- Build a process, now I really don’t care if that is the back of an envelope, a spreadsheet or a fancy app. The goal here is to have a record of what you have coming in and going out – you will eventually get to the fancy software, but for now the goal is to understand – understand what is going on in your business so you can start to see the patterns.
If you have a bookkeeper, brilliant, you are already getting on top of things. However, can you check how often do you send them your paperwork? Do you do this regularly? Sporadically?
Why not join me for my #financefriday co-working and accountability hour on Friday mornings @11am where you spend the time working on your 3 B’s and start your journey to financial success.
This is an invite only group so contact me here if you would like to join us.